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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025


Assets and liabilities measured at fair value
	December 31, 2025
($ in millions)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Counterparty and cash collateral netting		Total
Assets
Fixed income securities:
U.S. government and agencies	$	18,124	$	9	$	—			$	18,133
Municipal	—		5,614		29				5,643
Corporate - public	—		19,907		12				19,919
Corporate - privately placed	—		10,295		187				10,482
Foreign government	—		1,460		—				1,460
ABS	—		1,330		22				1,352
MBS	—		2,068		58				2,126
Total fixed income securities	18,124		40,683		308				59,115
Equity securities (1)	7,572		239		22				7,833
Short-term investments	1,791		3,090		6				4,887
Other investments	—		11		1		$	(1)	11
Other assets	—		—		147				147

Total recurring basis assets	27,487		44,023		484		(1)		71,993
Non-recurring basis	—		—		32				32
Total assets at fair value	$	27,487	$	44,023	$	516	$	(1)	$	72,025


Investments reported at NAV (2)									1,266
Total									$	73,291
Liabilities
Other liabilities	$	(2)	$	(19)	$	(1)	$	19	$	(3)
Total recurring basis liabilities	(2)		(19)		(1)		19		(3)

Total liabilities at fair value	$	(2)	$	(19)	$	(1)	$	19	$	(3)

(1)Excludes $99 million of securities using the measurement alternative or the equity method of accounting and $466 million reported at NAV.

(2)Includes $466 million of equity securities and $800 million of limited partnerships.


Assets and liabilities measured at fair value
	December 31, 2024
($ in millions)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Counterparty and cash collateral netting		Total
Assets
Fixed income securities:
U.S. government and agencies	$	11,099	$	9	$	—			$	11,108
Municipal	—		8,840		2				8,842
Corporate - public	—		21,211		22				21,233
Corporate - privately placed	—		8,849		110				8,959
Foreign government	—		1,364		—				1,364
ABS	—		1,119		26				1,145
MBS	—		8		88				96
Total fixed income securities	11,099		41,400		248				52,747
Equity securities (1)	3,600		306		407				4,313
Short-term investments	2,016		2,516		5				4,537
Other investments	—		21		1		$	(19)	3
Other assets	—		—		134				134
Assets held for sale	241		1,536		7				1,784
Total recurring basis assets	16,956		45,779		802		(19)		63,518
Non-recurring basis	—		—		3				3
Total assets at fair value	$	16,956	$	45,779	$	805	$	(19)	$	63,521


Investments reported at NAV									1,096
Total									$	64,617
Liabilities
Other liabilities	$	(1)	$	(1)	$	—	$	1	$	(1)
Total recurring basis liabilities	(1)		(1)		—		1		(1)
Total liabilities at fair value	$	(1)	$	(1)	$	—	$	1	$	(1)

(1)Excludes $150 million of preferred stock measured at cost.


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2025
	Balance as of December 31, 2024		Total gains (losses) included in:				Transfers													Balance as of December 31, 2025
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	2	$	—	$	—	$	1	$	—		$	26		$	—		$	—	$	29
Corporate - public	22		(1)		1		—		(7)			11			(11)			(3)		12
Corporate - privately placed	110		(4)		4		12		—			83			—			(18)		187
ABS	26		—		—		26		(41)			15			—			(4)		22
MBS	88		—		—		—		—			—			—			(30)		58
Total fixed income securities	248		(5)		5		39		(48)			135			(11)			(55)		308
Equity securities	407		28		—		—		(331)			7			(89)			—		22
Short-term investments	5		—		—		—		—			11			(9)			(1)		6
Other investments	1		—		—		—		—			—			—			—		1
Other assets	134		13		—		—		—			—			—			—		147
Assets held for sale	7		—		1		—		—			—			(8)			—		—
Total recurring Level 3 assets	802		36		6		39		(379)			153			(117)			(56)		484
Liabilities
Other liabilities	—		(1)		—		—		—			—			—			—		(1)
Total recurring Level 3 liabilities	$	—	$	(1)	$	—	$	—	$	—		$	—		$	—		$	—	$	(1)


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2024
	Balance as of December 31, 2023		Total gains (losses) included in:				Transfers				Transfers (to) from held for sale											Balance as of December 31, 2024
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3				Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	11	$	(2)	$	1	$	—	$	—	$	—		$	—		$	(5)		$	(3)	$	2
Corporate - public	26		1		—		—		—		(7)			16			(14)			—		22
Corporate - privately placed	58		(6)		(2)		—		—		—			64			(2)			(2)		110
ABS and MBS	58		—		—		—		—		—			59			—			(3)		114

Total fixed income securities	153		(7)		(1)		—		—		(7)			139			(21)			(8)		248
Equity securities	402		8		—		—		—		—			25			(28)			—		407
Short-term investments	1		—		—		—		—		—			27			(20)			(3)		5
Other investments	2		6		—		—		—		—			—			(7)			—		1
Other assets	118		16		—		—		—		—			—			—			—		134
Assets held for sale	—		—		—		—		—		7			—			—			—		7
Total recurring Level 3 assets	676		23		(1)		—		—		—			191			(76)			(11)		802
Liabilities

Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—	$	—


Rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2023
	Balance as of December 31, 2022		Total gains (losses) included in:				Transfers													Balance as of December 31, 2023
($ in millions)			Net income		OCI		Into Level 3		Out of Level 3		Purchases			Sales			Settlements
Assets
Fixed income securities:
Municipal	$	21	$	3	$	(1)	$	—	$	—		$	—		$	(10)		$	(2)	$	11
Corporate - public	69		(1)		2		—		—			—			(44)			—		26
Corporate - privately placed	55		(12)		1		16		—			1			(3)			—		58
ABS and MBS	28		—		—		—		—			31			—			(1)		58
Total fixed income securities	173		(10)		2		16		—			32			(57)			(3)		153
Equity securities	333		36		—		—		—			77			(44)			—		402
Short-term investments	6		—		—		—		—			13			—			(18)		1
Other investments	3		(1)		—		—		—			—			—			—		2
Other assets	103		15		—		—		—			—			—			—		118

Total recurring Level 3 assets	618		40		2		16		—			122			(101)			(21)		676
Liabilities

Total recurring Level 3 liabilities	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—	$	—


Total Level 3 gains (losses) included in net income
	For the years ended December 31,
($ in millions)	2025		2024		2023
Net investment income	$	1	$	(8)	$	(1)
Net gains (losses) on investments and derivatives	21		15		26
Operating costs and expenses	13		16		15


Valuation changes included in net income and OCI for Level 3 assets and liabilities held as of December 31,
($ in millions)	2025		2024		2023
Assets
Fixed income securities:
Municipal	$	—	$	(2)	$	—
Corporate - public	(1)		1		—
Corporate - privately placed	(3)		(6)		(12)

Total fixed income securities	(4)		(7)		(12)
Equity securities	26		13		35

Other investments	—		—		(1)
Other assets	13		16		15
Total recurring Level 3 assets	$	35	$	22	$	37
Liabilities
Other liabilities	$	(1)	$	—	$	—
Total recurring Level 3 liabilities	(1)		—		—
Total included in net income	$	34	$	22	$	37

Components of net income
Net investment income	$	1	$	(8)	$	(1)
Net gains (losses) on investments and derivatives	20		14		23
Operating costs and expenses	13		16		15
Total included in net income	$	34	$	22	$	37

Assets

Corporate - public	$	1	$	—	$	1
Corporate - privately placed	4		(1)		2


Changes in unrealized net capital gains and losses reported in OCI	$	5	$	(1)	$	3


Financial instruments not carried at fair value
($ in millions)		December 31, 2025				December 31, 2024
Financial assets	Fair value level	Amortized cost, net (1)		Fair value		Amortized cost, net		Fair value
Mortgage loans	Level 3	$	879	$	868	$	784	$	746
Bank loans	Level 3	473		487		201		207

Financial liabilities	Fair value level	Carrying value (1)		Fair value		Carrying value (2)		Fair value
Debt	Level 2	$	7,490	$	7,367	$	8,085	$	7,740
Liability for collateral	Level 2	1,934		1,934		2,041		2,041
Liabilities held for sale	Level 3	—		—		40		40

(1)Represents the amounts reported on the Consolidated Statements of Financial Position.